UAE. The long waited OPEC decision to cut 1.2mln bpd effective at the beginning of January coupled with the Russian stating their output reduction by around 300,000 bpd had its positive effect on the black gold. Oil is back again to 2016 highs, witnessed back in August, reaching USD54.46 towards the end of last week.
Over the course of last week, all of the regional markets ended their trading activity in the positive territory. Saudi Arabia was the star among its peers rising by 4.37%, breaking its 7,000-resistance level and continuing its upward trend, followed by Qatar +2.05% then Egypt +1.72% and Dubai and Abu Dhabi +1.11% and +0.84% respectively.
With the strong correlation between regional markets and oil prices, regional markets are expected to follow the same path with UAE being the lead as it has been trading in a very thin band for a while now.
About Al Masah Capital
Al Masah Capital is one of the fastest growing alternative asset management and advisory firms focused on the MENA and SEA regions. Established in 2010 Al Masah Capital provides tailored solutions to a broad investor base, offering private equity advisory (across Healthcare, Education, Food & Beverages, Logistics and other consumer driven sectors), asset management, corporate and real estate advisory as well as public market research services.
With operations in Dubai, Abu Dhabi and Singapore, Al Masah advises qualifying investors on growth opportunities in 13 focus markets in MENA and South East Asia.